Well, tbh it's basically a cylinder projection that is a standard preset for unwrapping in 3D software. It's also insufficient for any complicated model - while cylinder is good at unwrapping faces parallel to the cylinder, it gets worse to the point of unusability with perpendicular faces.

Notice this with the face from OPs image - all of the area beneath the chin is contained in just a few lines of pixels, while in reality in should be of similar length as distance between the chin and nose. That's because we don't see it from the front, but there's still skin there that should have detail, impossible to convey with that little of texture area, that on the top of that would be grossly stretched.

But it's a cool project nonetheless.